Sound Shore

Q1 2021 13F · by John DeGulis, portfolio manager

As of: Mar 31, 2021
Filed: May 7, 2021
US stock: $3.4B · prev $3.4B
Positions: 38 · prev 38
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves41 since the prior filing

+11.2 pp in · −11.3 pp out

New 3 +7.51 pp
Added 9 +3.73 pp
Trimmed 26 −5.12 pp
Exited 3 −6.15 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions19% of US stock

CI The Cigna Group trimmed+0.15 pp trimmed+0.153.8%
BRK.B BERKSHIRE HATHAWAY Class B added+1.19 pp added+1.193.8%
BAC Bank of America Corporation trimmed−0.53 pp trimmed−0.533.8%
ORCL Oracle Corp trimmed−0.03 pp trimmed−0.033.7%
FLEX Flex Ltd. added+0.28 pp added+0.283.6%

Positions38 in this filing · 3 exited


CIThe Cigna Group	3.83%	542,394	$131M	trimmed−9%	+0.15 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	3.81%	510,790	$130M	added+34%	+1.19 pp	5 q
BACBank of America Corporation	3.77%	3,333,385	$129M	trimmed−30%	−0.53 pp	5 q
ORCLOracle Corp	3.72%	1,816,870	$127M	trimmed−7%	−0.03 pp	5 q
FLEXFlex Ltd.	3.62%	6,766,664	$124M	added+8%	+0.28 pp	3 q
YAlleghany Corporation	3.35%	183,263	$115M	trimmed−2%	−0.02 pp	5 q
COFCapital One Financial	3.35%	902,766	$115M	trimmed−33%	−0.64 pp	5 q
VSTVistra Corp.	3.35%	6,497,168	$115M	new	+3.35 pp	new
FISVFiserv, Inc.	3.15%	905,278	$108M	added+24%	+0.68 pp	3 q
MSMorgan Stanley	2.95%	1,301,417	$101M	trimmed−32%	−0.93 pp	5 q
MGAMagna International	2.93%	1,140,691	$100M	trimmed−18%	+0.01 pp	4 q
MRKMerck & Co., Inc.	2.83%	1,258,593	$97M	trimmed−7%	−0.45 pp	5 q
PRGOPerrigo Company PLC	2.81%	2,379,620	$96M	added+8%	−0.11 pp	5 q
STSensata Technologies Holding plc	2.77%	1,635,036	$95M	trimmed−12%	−0.15 pp	5 q
HSICHenry Schein Inc	2.74%	1,356,150	$94M	added+22%	+0.52 pp	5 q
EOGEOG Resources, Inc.	2.71%	1,277,012	$93M	trimmed−15%	+0.47 pp	3 q
CAGConagra Brands, Inc.	2.68%	2,439,674	$92M	added+19%	+0.47 pp	2 q
CMCSAComcast Corp	2.63%	1,666,028	$90M	trimmed−20%	−0.61 pp	5 q
XRAYDENTSPLY SIRONA Inc.	2.56%	1,372,773	$88M	trimmed−10%	+0.20 pp	4 q
IPInternational Paper Co.	2.47%	1,565,194	$85M	trimmed−10%	−0.10 pp	3 q
ELVElevance Health, Inc.	2.33%	222,186	$80M	added0%	+0.21 pp	2 q
PFEPfizer Inc.	2.31%	2,182,333	$79M	trimmed−3%	−0.15 pp	5 q
LENLennar Corporation Class A	2.28%	771,547	$78M	trimmed−24%	−0.02 pp	5 q
NXPINXP Semiconductors N.V.	2.28%	386,897	$78M	trimmed−11%	+0.23 pp	5 q
CTRACoterra Energy Inc.	2.23%	4,060,058	$76M	trimmed−6%	+0.13 pp	4 q
BXBlackstone Inc.	2.19%	1,004,912	$75M	trimmed−11%	+0.03 pp	4 q
VZVerizon Communications	2.19%	1,289,975	$75M	new	+2.19 pp	new
WABWabtec Inc.	2.17%	940,744	$74M	trimmed−7%	−0.03 pp	4 q
CBChubb Limited	2.16%	468,814	$74M	added+2%	+0.06 pp	4 q
WHRWhirlpool Corp.	2.13%	330,665	$73M	added+5%	+0.43 pp	4 q
CCitigroup Inc.	2.08%	980,935	$71M	trimmed−51%	−1.62 pp	5 q
BKNGBooking Holdings Inc.	2.01%	29,552	$69M	trimmed−27%	−0.67 pp	4 q
ELANElanco Animal Health Incorporated	2.00%	2,328,662	$69M	trimmed−7%	−0.28 pp	5 q
ETNEaton Corporation, plc	1.99%	492,584	$68M	trimmed−8%	+0.09 pp	5 q
VNTVontier Corporation	1.97%	2,232,694	$68M	new	+1.97 pp	new
GOOGLAlphabet Inc. Class A	1.96%	32,472	$67M	trimmed−7%	+0.14 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.84%	169,332	$63M	trimmed−6%	−0.05 pp	5 q
SIVBQSvb Financial Group	1.83%	127,227	$63M	trimmed−31%	−0.29 pp	5 q
9991429DAptiv Irish Holdings Ltd	—	−579,664	—	exited	−2.25 pp	—
AMATApplied Materials Inc	—	−806,715	—	exited	−2.07 pp	—
WMTWalmart Inc.	—	−427,851	—	exited	−1.83 pp	—